GST on sale of Used Motor vehicles
This query is : Resolved
01 October 2020
Sir,
I have purchased a lorry on 01.07.2016 and sold it on 31.07.2019 with a profit of 3 Lakhs. No cenvat credit availed on purchase. Whether GST applicable on it? If yes, what is the GST rate ? On which amount GST is applicable?
I have purchased a lorry on 01.07.2016 and sold it on 31.07.2019 with a profit of 3 Lakhs. No cenvat credit availed on purchase. Whether GST applicable on it? If yes, what is the GST rate ? On which amount GST is applicable?
01 October 2020
18% GST applicable on 3 lacs profit.
03 October 2020
If the HSN Code is 8704, Now at what rate GST is calculated?
03 October 2020
18% GST applicable...........
05 October 2020
Thanks for your information sir.
Can you please check this notification, in which it shows 6% - CGST for sale of old and used vehicles.
https://cbic-gst.gov.in/pdf/central-tax-rate/notfctn-08-2018-cgst-rate-english.pdf
Can you please check this notification, in which it shows 6% - CGST for sale of old and used vehicles.
https://cbic-gst.gov.in/pdf/central-tax-rate/notfctn-08-2018-cgst-rate-english.pdf
05 October 2020
Agree with you it's 12% GST (6% cgst plus 6% sgst).
14 October 2020
Thankyou sir.
What if the vehicles were rented to the party and at what rate GST to be calculated?
What if the vehicles were rented to the party and at what rate GST to be calculated?
14 October 2020
18% GST applicable......
20 October 2020
THANKS FOR YOUR IMMEDIATE RESPONSE SIR,
CAN I GET REFERENCE NOTIFICATION TO THE ABOVE MENTIONED QUERY, IF ANY?
CAN I GET REFERENCE NOTIFICATION TO THE ABOVE MENTIONED QUERY, IF ANY?
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